The tax authority in Iran is trying to legalize cryptocurrency exchanges and establish the proper legal framework.
INTA thinks that the government in Iran should collect taxes from crypto trading platforms, and only the authorized ones should be permitted to operate in the country. Regulatory bodies are also called to keep track of each virtual currency transaction made.
“Regulations must include penalties and legal consequences for legal exchanges refusing to provide users’ records to INTA.”
The Iranian National Tax Administration (INTA) has formulated a draft proposal that will be presented to the regulatory bodies. The tax authority is pushing them to legalize crypto trading platforms that are currently operating in Iran.
“Legalizing crypto exchanges is necessary [for levying tax]. Legal operations must be limited to authorized exchanges that are allowed to convert currency while keeping track of transactions.”
Hassan Rouhani, the president of Iran, has also talked about crypto regulations during a cabinet’s Economic Coordination Board meeting in June. He called the board members to regulate it “as soon as possible” and warned consumers about the risks the industry carries.
“For legalizing the activity of cryptocurrencies and protecting people’s capital in this area, we must think of a solution as soon as possible and lay down and communicate the necessary laws and instructions.”Hassan Rouhani stated.
President Rouhani thinks investments in digital currencies are not safe and “unprofessional entry in this field should be avoided.” He also encouraged government agencies and media to join forces and confirmed that crypto mining will be prohibited until September.
“The responsible agencies in the field of capital markets should cooperate with the media and cyberspace in the field of information, education and public awareness about this phenomenon and its instructions and laws.”Hassan Rouhani stated.